The First Solar 2pm rally streak almost died today, Monday 9/22. Actually, it really did because the rally was very insufficient. There was a mild run but nothing like we saw last week.
At 1:36pm FSLR was trading just above $226. At 2:20pm First Solar had moved up about 4 1/2 points, to over $230. So in the span of 42 minutes FSLR made a small upward move, before quickly retreating again. First Solar traded down the entire session closing down -$19.25 at $222 per share.
The "FSLR 2pm Rally" concept hasn't been nearly as good on Friday or today. Tomorrow is another day and we can watch to see if it happens again. Start looking at FSLR at about 1:40pm or maybe even a little before. The momentum right in this timeframe has been consistently upward the last five trading days.
The overall market was crushed today and solar stocks in general were down across the board. Oil was up substantially today but that didn't help First Solar. Evergreen, Suntech and Sunpower were all down today. Oil's steep climb today was attributed mostly to the state of the dollar, which is going to potentially be under a lot more pressure as the bailouts continue to grow.
Solar stocks should recover some ground tomorrow unless there is more astounding bad news. If they are down again, especially First Solar, it might be a good long-term buying opportunity.
